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Non-involvement with risky loans pays off for Wide Bay

Staff Reporter 3 minute read

Wide Bay Australia yesterday reported an after tax profit of $8.23 million for the six months ending 31 December 2007.

The result represented an increase from $8.06 million registered during the corresponding period in 2006 and was in line with the mutual’s forecasts and expectations.

According to Wide Bay, lending increased by 17.7 per cent to $266 million for the six-month period.

It said demand for loans had been steady and that demand has continued into 2008.

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Wide Bay also said its policy for non-involvement with higher risk low doc sub-prime loans and reverse mortgages had proven to be a correct decision by its directors.

“Almost all of the [Wide Bay] loan book carries full mortgage insurance,” the mutual said.

“The focus for the next few months will be to continue the strong lending program and growth of the loan book.”

Published: 19-02-08

Non-involvement with risky loans pays off for Wide Bay
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